Standard Costing$-$Variances

Q:$01$ Zaka Enterprises Manufactures a Food Product, Details of which are

as under:

Actual Production was $1000$ Units:

Required:

a$)$ Calculate Material Price & Material Quantity Variance.

b$)$ Calculate Labour rate & Labour Efficiency Variance.

Q:$02$ Imran Producers presents the following information:

Actual Production was $500$ Units:

Required:

a$)$ Calculate Material Price & Material Quantity Variance.

b$)$ Calculate Labour rate & Labour Efficiency Variance.

Q:$03$ Kashif Manufacturers presents the following

information: Actual Production was $2000$ Units:

Required:

a$)$ Calculate Material Price & Material Quantity Variance.

b$)$ Calculate Labour rate & Labour Efficiency Variance.